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Midweek Roundup: Swiss Court Blocks Bank Data Transfer to Italy, SEC Accuses Bitcoin Company of Ponzi Scheme, and More
printU.K. authorities are investigating allegations that Shell and ENI may have violated anti-money laundering (AML) laws by asking Nigerian officials to help obscure the fact that they were working with former oil minister Dan Etete, Reuters reported. A French court convicted Etete of money laundering related to the acceptance of bribes in 2007. More The growth of wealth among the richest in the world is also increasing the time and money spent by financial institutions required to root out corrupt clients, Reuters reported. Citing the head of a private investment office, the news agency said that the compliance costs of...
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Finra fined a Columbus, OH-based firm $50,000 for AML violations, Bangladesh's FIU published a 1-year long AML action plan, and more, in the midweek roundup.
A New York art dealer pleaded guilty to money laundering and tax offenses, Brazil's Supreme Court voted 6-5 to accept the appeal of defendants found guilty of Brazil's largest political corruption case, and more, in the midweek roundup.
Bangladeshi officials are set to file tax evasion charges against a Nobel Peace Prize winner, the NCUA issued an enforcement action against North Dade Community Development Federal Credit Union for BSA violations, and more, in the midweek roundup.
As digital currencies like Bitcoin continue to gain popularity, banks may have to train their compliance officers on the technical means to trace such money movements, according to Daniel Wood, an assistant general counsel with the Texas Department of Banking.
Egypt's ouster of Mohamed Mursi's government has indefinitely stalled plans to return looted Egyptian assets held in Swiss bank accounts, Liechtenstein has adopted a draft law that revises the nation's bilateral double taxation agreement with Austria, and more, in the midweek roundup.
A U.S.-Swiss plan to resolve a tax evasion dispute may absolve Switzerland's government from further action but will prove costly and time-consuming for participating banks, say attorneys.
Iran is increasing its importation of alumina from China and India, Interpol is forming a task force to assist the repatriation of money stolen by the deposed government of Colonel Moammar Gadhafi, and more, in the midweek roundup.
An expected plan to resolve a U.S.-Swiss tax dispute will likely prompt a wave of disclosures by American taxpayers and clear the way for banks to turn over data on their employees.
Even as the use of Bitcoin grows, the differences in opinion about the risks the digital currency poses only seems to get larger.
Two men in a Miami federal court pleaded not guilty to terrorist financing charges, Singapore strengthened its counterterrorist financing regime, and more, in the midweek roundup.
The FBI is probing software company Ebix Inc. for suspected money laundering, a group of 76 U.S. senators urged President Obama to implement tougher sanctions against Iran, and more, in the midweek roundup.
Sixteen of HSBC's Irish clients have agreed to settlements with Ireland's tax authority for hiding millions of dollars in taxable assets, a former executive assistant at Citibank was sentenced to over four years in prison for money laundering, and more, in the midweek roundup.
The United Kingdom could ban bearer shares, the Reserve Bank of India fined 22 banks for AML violations, and more, in the midweek roundup.
A French probe into HSBC has uncovered $5 billion in undeclared assets, HMRC advised U.K-based exchangers of Bitcoin that they do not have to register as money services businesses, and more, in the midweek roundup.
New York District Judge John Gleeson signed off on HSBC's $1.9 billion deferred prosecution agreement, Italian prosecutors have concluded a money laundering investigation of two former Vatican managers and will likely indict, and more, in the midweek roundup.